In 2024, Bitcoin has outperformed Ethereum in terms of market cap impact, with each dollar invested in Bitcoin boosting its market cap by $5, compared to just $1.30 for Ethereum.

This suggests that new money flows exert a stronger influence on Bitcoin than on ETH.

Despite recent declines in ETH prices, institutional demand remains robust. Recent large transactions signal renewed whale activity in Ethereum. Two notable multi-signature addresses have made significant moves:

1. Address 0x113…439a4 withdrew 7.96 million USDT from OKX and Binance, then acquired 2,580 ETH at an average price of $3,294, totaling approximately $8.5 million.

2. Address 0xc72…a839D pulled 20.34 million stablecoins from Aave and used 1inch to purchase 6,613 ETH at an average price of $3,278, amounting to $21.68 million.

Ethereum ETH Price Reaction And ETFs Continues Outflow Data

These purchases, totaling 9,193 ETH (about $30.18 million), have driven ETH prices up by $60 in a short period. The similarity in transaction patterns suggests these addresses may be controlled by the same entity or individual.

However, Ethereum ETFs have faced significant outflows recently. The nine ETH ETFs tracked experienced a net outflow of $342 million during the first week of trading, with Grayscale’s ETHE alone seeing a substantial outflow of $356 million.

Despite these ETF outflows, the large whale transactions and institutional interest indicate that ETH remains a key area of focus for major investors.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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